Stafford Loans will be processed for all undergraduates in the amount listed on their financial aid award. Students who wish to reduce or refuse the Stafford Loan must notify the Financial Aid Office in writing or by email to email@example.com. Complete loan processes for the upcoming academic year after June 1.
STEP A. All new Ashland University Stafford Loan borrowers must complete a Direct Loan Master Promissory Note. If you received a Stafford Loan at any school in 2010-11 or after, you do not need to sign a new Master Promissory Note.
Parents of dependent students may apply for a Federal Parent PLUS Loan up to the student's cost of attendance, less other financial aid received. Only one parent is the borrower on the PLUS Loan, and application processes must be completed for each Ashland University child you wish to borrow for. The interest rate is fixed at 7.9% and there is a 4% loan fee deducted from the loan amount.
To apply, parents must carefully follow these steps for the upcoming academic year after June 1 at studentloans.gov by "Signing In" with the parent's FAFSA PIN:
STEP A. Every year at studentloans.gov, click "Request a PLUS Loan," and choose the "Parent PLUS" loan type to request the dollar amount of your loan and have a credit check completed. Remember to factor in the 4% loan fee the government deducts from your loan when requesting the amount (for example, if loan is $10,000, amount that credits student's account is $9,600). STEP B. For new Federal Direct Parent PLUS Loan borrowers, also "Complete a Master Promissory Note (MPN)" at studentloans.gov. STEP C. Ashland University will be notified electronically from the US Dept of Education that you have applied for a PLUS Loan. STEP D. If your credit is approved, Ashland University will process the loan. If denied, we will add additional Unsubsidized Stafford Loan funds to your student's financial aid award if he or she is eligible.
Ashland University Institutional Loan Required Processes for Undergraduate Students
All undergraduate students who have an Ashland University Dwight Schar Loan listed on their Financial Aid Award must complete a self-certification form and a promissory note that will be mailed or emailed to them. The loan terms will be included in the mailing.
Private Education Alternative Loan
Students who need more loan funds than what has already been awarded in federal loans can apply for a private education alternative loan. You will need to choose a lender and apply to that lender for the loan. Private education loans are credit-based, and students are more likely to be approved if they apply with a credit-worthy cosigner.. Ashland University has provided a Private Loan Comparison List for your review, but you may select any lender you wish. If you apply with a lender not on the Comparison List, please have the lender send their School Certification Form to Ashland University's Financial Aid Office for completion.